Spring has finally sprung in North Dallas, and more specifically, Northwood Hills. While our residents were digging out of the mud and staying away from flooded roads, the real estate market kept ticking along during the month of May.
Ten properties SOLD and CLOSED during the month, ranging in value from $395,000 to $1,590,000, computing to an average SOLD price/square foot of $173.37, in an average of just under 60 days on market.
There is a wide range of value in Northwood Hills, and there are many factors that determine value. Is the property within the neighborhood? Is it nestled on one of the many tree-lined meandering streets in the heart of the area? What does the lot look like? Buyers in Northwood Hills oftentimes purchase the lot first, and the home/floorplan second, because they know the improvement can be changed, but the surroundings oftentimes, cannot. Does the home sit on a creek lot? Is the back yard private? Does the property have a number of majestic trees? In what condition is the property? Is it being sold for lot value, in other words, the likely buyer will probably tear it down, and start over? Or, has it been impeccably maintained, needing updates, and the likely buyer will be an owner-occupant looking for a project or an investor planning to update it and flip it? Is it brand new construction, or newer construction, built within the last five to ten years? Or has the home been recently tastefully updated with a new kitchen and baths? All of these factors need to be evaluated to determine the price a property will ultimately sell for.
In today’s market, pricing a property where it will be perceived as a value will yield the highest overall price. In doing so, many of the homes in Northwood Hills attract multiple buyers and oftentimes go above the asking price, in a very short period of time.
Contact Judy Switzer & Associates if you are interested in buying or selling in Northwood Hills. Judy is aware of a number of hip-pockets – homes that will be coming on the market in the near future. Contact Judy Switzer at 214-801-7273 .…for every move your make!